- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2024-04-26T17:40:00
Social media company TikTok is suspending new features amid an inquiry by the European Commission into its compliance with the Digital Services Act (DSA), all while responding to a U.S. ban bill just signed into law.
On Monday, the European Commission opened an investigation into the launch of TikTok Lite under the DSA in France and Spain and communicated its intention to suspend the feature’s reward program.
Under the DSA, “very large online platforms” must conduct diligent risk assessments before the launch of new functionality, particularly related to potentially addictive effects. TikTok Lite’s reward program allows users to earn points for performing tasks, such as watching videos, liking content, following creators, and inviting friends to join the platform.
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The European Commission informed X, formerly Twitter, that it may be the first company found to be in violation of the European Union’s Digital Services Act in areas “linked to dark patterns, advertising transparency, and data access for researchers.”
Sen. Tom Cotton (R-Ark.) is calling on the Biden administration to investigate and ban Chinese e-commerce company Temu over forced labor and data privacy violation concerns.
TikTok and X are under investigation related to their respective compliance with the European Union’s Digital Services Act, while the first three companies probed under the Digital Markets Act include Apple, Alphabet, and Meta.
A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.
The Treasury Department’s Financial Crimes Enforcement Network updated an alert first issued in February warning financial institutions of Israeli extremists fomenting violence in the West Bank.
A Bank of England report warned of private equity risk management deficiencies as interest rates remain stagnant, with international coordination important.
